What would happen if paper money became obsolete? (2024)

Bill Maurer, an anthropology professor [and dean] at the University of California, Irvine, has a straightforward take on what would happen if paper money longer existed: “It would be terrible.” He explained that there would be issues surrounding accessibility, security and privacy. For example, all non-cash payments require having a bank account or a connection to a formal financial institution. … Those who are unbanked are shut out of the digital or mobile economy, Maurer said, noting that we live in a country with high levels of inequality. “If paper money goes away, those people are stuck with no way to pay,” Maurer said.